Singaporean AI for Banks Silot Closes SG$10.85 Mil With SBI Investmentby Fintechnews Singapore March 12, 2019
Silot, an AI platform for intelligent financial decisions, recently completed its Series A Round with US$8 million (SG$10.85 million) with SBI Investment being the lead investor, followed by Sumitomo Corporation, MUFG’s subsidiary Krungsri Finnovate, and the previous investor Arbor Ventures.
The funding Silot raised will focus on the R&D of knowledge graph technology (knowledge base used by Google and its services to enhance its search engine’s results), market expansion, and financial products innovation.
Silot was established in early March 2017 in Singapore, fueled by the seed funding from a China VC in ZhenFund. In December 2017, Arbor Ventures and Eight Roads Ventures joined as its Pre-Series A investors.
Silot’s goal is to assist banks in the transition of traditional operation and decision-making into the more fast and scalable AI technology by tackling some key factors that hinder banks, such as poor data connectivity, scattered systems, and the lack of AI use scalability.
In 2018, Silot became the Overall Winner of Visa’s Everywhere Initiative in the APAC Region, and the only Southeast Asian company selected into the MasterCard Start Path Program.
Silot’s current clients include major banks in Southeast Asia such as Nobu Bank under Lippo Group in Indonesia, and Thailand’s largest card-issuer Krungsri Bank, the latter of which also became one of the co-investors in Silot’s Series A round.